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BC revises 2020 GDP projection to -5.0%

Amid reassessments of the impacts of the new coronavirus pandemic on the Brazilian economy, the Central Bank (BC) updated its projection for Gross Domestic Product (GDP) in 2020. The expectation for the economy this year has gone from a decline of 6.4% to a contraction of 5.0%. The new estimate is included in the Quarterly Inflation Report (RTI).

CMN extends the scope of micro-credit in Brazil

The National Monetary Council (CMN) has increased the gross income limit for micro-entrepreneurs, which can be covered by targeted productive micro-credit, whose rate has a ceiling of 4%. The income limit has been raised from R$ 200,000 ($38k) to R$ 300,000 ($57k) per year. Source: Reuters

Brazil is a leader in socio-environmental conflicts in the Amazon

Owner of the largest extension of the Amazon Forest, Brazil is also a leader in social and environmental conflicts in the region. A survey comparing the situation of four countries showed that, of the 1,308 confrontations recorded in 2017 and 2018, 995 occurred on Brazilian soil. The main cause of the conflicts is agribusiness, which involves both livestock and soybeans and other monocultures.

BTG Pactual compensates 13,000 tonnes of carbon

The BTG Pactual zeroed out last year’s carbon emissions. The financial institution offset 13,000 tons of CO2 through carbon credits purchased from a forestry project in Uruguay. The bank has also taken steps to reduce the carbon footprint of its activities, using digital media to hold meetings and installing solar panels in its office in Medellin, Colombia.

Brazil accelerates coffee exports to record pace

Brazil’s coffee super crop is beginning to translate into record shipments. Green coffee exports are expected to exceed 3.5 million bags this month, the highest volume ever recorded for September and the highest since December 2018, said Carlos Alberto Fernandes Santana, director of Empresa Interagrícola.

Brazil’s agribusiness GDP grows 5.26%

Brazil’s agribusiness GDP grew 5.26% in the first half of 2020 compared to the same period last year, with the primary segment (activities within the gateway) rising by almost 15% according to the CNA/Cepea study. The increase was recorded amid record grain harvests and high prices at a favourable exchange rate for exports, which also helped the livestock segment.

ABB closes deal for 100MW green hydrogen in Brazil

ABB and Hydrogen Optimised have signed a document to explore the development of large-scale, grid-connected green hydrogen production systems. The agreement formalizes the scope of work to explore the implementation of a demonstration system, as well as the preparation of a 100 MW plant project and marketing strategies.